CHALLENGES OF ESTABLISHING SMALL AND MEDIUM SCALE ENTERPRISE AS PERCEIVED BY BUSINESS EDUCATION STUDENTS IN PUBLIC UNIVERSITIES IN EDO STATE

ABSTRACT

This Study determined the challenges of establishing small and medium scale Enterprise. Six research Questions were raised to guide the study and one hypothesis was formulated and tested at 0.05 level of significance. The study employed a descriptive survey research design. The population of the study comprised sixty (60) Business Education Students in the Department of Vocational Technical Education, University of Benin, Benin City. The sample size for this study was made up of sixty (60) Business Education 400 level Students. The instrument used for data collection was a structured questionnaire which was validated and it's reliability determined to give a coefficient value of 0.95. The findings generally showed that there are several challenges of establishing small and medium scale Enterprise. The major findings are financial challenge, Management skills, Accounting skills, Location, Government Regulations and Public Infrastructure affects the establishment of small and medium scale Enterprise to a high extent . Based on the findings it was concluded that there are several challenges of establishing small and medium scale Enterprise. The Study therefore, recommended that Potential entrepreneur should develop a detailed financial plan that includes startup costs, operating expenses, revenue projections, and cash flow forecasts, Sources of funding such as loans, grants, investors, or venture capital should be made accessible to potential entrepreneurs; that Government should have a training program to educate and develop the young ones to have good management skills through training programmes, workshops, or mentorship opportunities among others.